Archive | July, 2009

MARKET: Consultant predicts “brighter times” lie ahead for floating LNG business

(EnergyAsia, July 31, Friday) — Underpinned by compelling long-term fundamentals, the floating liquefied natural gas (FLNG) business is poised to become a major sector, attracting expenditure of $23 billion through to 2016, said a leading consultant. The findings are contained in “The World FLNG Market Report 2010-2016”, Douglas-Westwood’s latest study, unveiled at the Commercializing FLNG […]

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SOUTH KOREA: Samsung Engineering bags large Algerian contract

(EnergyAsia, July 31, Friday) — South Korea’s Samsung Engineering said it has secured a $2.6 billion contract to expand the refining capacity of Sonatrach, Algeria’s national oil company. It will rehabilitate the African firm’s oil refinery complex in the Skikda region in the northeast part of the country. “With our extensive project capability close to […]

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MARKET: IEA cuts OPEC capacity growth forecast

(EnergyAsia, July 31, Friday) — The International Energy Agency (IEA) has lowered its growth forecast of OPEC crude capacity to just 1.7 million b/d by 2014 or a little more than half its earlier forecast. The Paris-based agency blames growing “resource nationalism” in some member countries of the Organisation of Petroleum Exporting Countries. Late last […]

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SINGAPORE: Ezra dives into high-growth deepwater subsea sector

(EnergyAsia, July 31, Friday) — Ezra Holdings Ltd, Asia’s largest integrated solutions provider for the offshore oil and gas industry, recently announced ambitious expansion plans that would establish it as a global player in the deepwater subsea segment. As part of its new growth strategy, the Singapore-listed company said it will offer its customers complete […]

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MARKET: OPEC predicts mass shutdown of refineries

(EnergyAsia, July 31, Friday) — Organisation of Petroleum Exporting Countries (OPEC) said the global refining capacity will surpass demand by five million barrels per day by 2014, forcing the temporary or even permanent shutdown of refineries. “Closures in the order of 7 to 10 million b/d will be needed, predominantly in the US, Canada and […]

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AUSTRALIA: Suart Petroleum’s oil sales, production in line with forecasts

(EnergyAsia, July 31, Friday) — Australia-listed Stuart Petroleum Limited said it continued to improve its financial position during the June quarter of 2009 while progressing its Oliver oilfield appraisal and development project and Port Bonython fuel storage project. Its latest quarterly sales revenue of A$8.2 million and production of 75,236 barrels were in line with […]

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AUSTRALIA: Argus links North West Shelf condensate assessments to North Sea Dated crude

(EnergyAsia, July 30, Thursday) — Energy pricing media Argus said it has begun assessing Australia’s North West Shelf (NWS) condensate as a differential to Atlantic basin marker North Sea Dated from July 13. This is in response to the increasing use of North Sea Dated-linked prices in Asia-Pacific crude trade. More Asia-Pacific crudes are trading […]

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CHINA: Trader Brightoil to build oil product storage tanks

(EnergyAsia, July 30, Thursday) — Privately-owned Chinese oil trader Brightoil Petroleum plans to build a 2.2-million cubic metre storage terminal for refined fuels at Zhoushan port in eastern China.   The proposed terminal would increase Zhousan’s product storage capacity to 14 million barrels, according to the company’s agreement with the city port’s local government. Zhoushan […]

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